mandatory electronic filing for 2009 forms 5500
After October 15, 2010, all returns, including 2008 delinquent returns, will be required to be e-filed. Those filing 2009 forms 5500-EZ, can still file a paper return with the IRS or they may be able to file a new form 5500-SF electronically with the DOL. The goal is to reduce filing errors and make information available to the public and the government in a timely manner. 2008 forms 5500 (fiscal year ends due in 2010), will still need to file in paper, as well as delinquent filed 2008 returns. Filing verification of the form 5500 can be done over the phone:Prior to July 1, 2010, you can call 1-866-GOEFAST. In order to comply with the new e-file requirement, the DOL will offer a free web-based filing application (IFILE) through the DOL EFAST2 website, http://efast.dol.gov, which will allow the preparation of the forms online. Those using the IFILE system will be required to register with the DOL, and establish a user ID and password in order to prepare their own forms 5500. The new system will provide immediate compliance. Any errors on the form 5500 will be reported within two hours, and will cause rejection and will require corrective action to be taken. Failure to timely correct will cause the filing to be rejected and create late filing penalties. Letters from the DOL to take corrective action will no longer be issued (which usually took 3-6 months). Once these returns are submitted electronically, the public will be able to view and print portions of the returns directly from the website within 24 hours of filing. Please contact Feeley & Driscoll's Accountants and Consultants by Email or call 1 (888) 875-9770 to learn more. |
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